Nigerian FinTech Company To Be Listed On New York Stock Exchange, Seeks $500 Million For Expansion

A Nigerian financial-technology company, Tingo Inc. has disclosed that it is in talks with the New York Stock Exchange to list there in the first half of 2022.

The Agri-Fintech company which offers a comprehensive platform service through the use of smartphones (using GSM technology) also revealed that it is seeking $500 million to expand across Africa partly through acquisitions.

The company’s Chief Executive Officer, Dozy Mmobuosi told Bloomberg that Tingo joins newer companies that are benefiting from increasing investor interest in Africa, where startup fundraising reached a record $5 billion last year. He added that acquisitions will “include a commodities firm and a fintech.

The company is also partnering with Visa International to provide access to digital payments in rural areas.

“Those with our smartphones will be able to access digital visa cards, not just the plastic ones,” Mmobuosi said.

He further disclosed that the company intends to commit $100 million to a fund that will increase credit to mostly women farmers.

“We plan to acquire companies and expand infrastructure that will help us become a pan-African business, delivering the same services we’re delivering in Nigeria in many other countries,” he added.

Tingo provides a ‘one-stop-shop’ solution to enable such subscribers to manage everything from airtime top-ups, bill pay services for utilities and other service providers, access to insurance services and microfinance to support their value chain from ‘seed to sale’.

The company aims to be Africa’s leading Agri-Fintech company that transforms rural farming communities to connect through our proprietary platform to meet their complete needs from inputs, agronomy, off-take and marketplace which delivers sustainable income in an impactful way.

Investors King gathered that Tingo recently partnered with a business solutions company, ITScope Consulting to build a digital portal for small and medium enterprises.The partnership aims to revolutionize many of the processes of businesses of all sizes and across multiple sectors of the economy.

The portal, ‘Integrated Micro, Small & Medium Enterprise (iMSME)’ will foster economic growth and development of all micro small and medium enterprises (MSMEs) in Nigeria when deployed.It is also expected to make business processes more intuitive and enable businesses of all sizes to benefit from a growing ecosystem.